Mayor Jimmy Davis’ economic development plan is not only generating $2.5 billion in new real estate investment and $10 million in new annual tax revenue, but the benefits of this smart development strategy go even further than that. One example is the 19 East development, a luxury residential building located within walking distance of the 22nd Street Light Rail Station. The site was home to an empty asbestos-filled housing building that could not be used. As part of the development agreement negotiated by the Davis administration, the 19 East project developer purchased the abandoned housing building for $600,000. This sale has led to the Bayonne Housing Authority being able to develop a new affordable senior housing building on Oak Street, with the purchase price from the sale of the empty housing building being used as the down payment on property that will become affordable senior housing.
“Bayonne seniors made our city great and they deserve to be able to stay here and see the revitalization of our community continue,” said Mayor Davis. “We can make that happen by using smart development tools to build new affordable senior housing without impacting taxpayers, and this project is a perfect example of how our economic development plan is benefitting all residents.”
Plans for the new affordable senior housing building are now being assembled by the BHA. The building will be subject to the city’s Project Labor Agreement ordinance, which means it will be built by union labor with preference given to Bayonne residents for construction jobs.
“We have a long-standing demand for more affordable senior housing in Bayonne,” said John Mahon, Director of the BHA. “Being able to increase its availability is a great thing and having part of it funded by a private developer is even better”.
The 19 East project will generate $350,000 in annual tax revenue on a formerly blighted property that previously paid only $50,000 in taxes before development. A rendering of the project is attached.
“We need innovative, smart approaches to development that not only add new tax revenue, but that also create community benefits like parks and affordable senior housing,” said Mayor Davis. “The 19 East project is a prime example of the kind of smart development that is helping us revitalize Bayonne.”